Dallas-based luxury department store chain Neiman Marcus opened its newest store on Manhattan’s west side in March and pulled out all the stops. The flagship department store is part of a 1-million-sq.-ft., seven-story, glitzy shopping complex called the Shops and Restaurants at Hudson Yardsdeveloped by the Related Cos. and Oxford Properties Group. The store is part of the first phase of the $25 billion mixed-use new neighborhood.
Tax-advantaged opportunity zone investments outlined in the 2017 federal tax legislation spawned a litany of press and interest to take advantage of the option, but so far there’s been relatively little transaction activity. The IRS, which has to interpret and codify tax legislation via guidance and regulation, has only sporadically released information, leaving the bulk of investors to abstain from taking action until receiving further direction.
Three years ago, Mark Mobius saw his luxury apartments in Dubai go up in flames. While the suites have by now been restored to their old splendor, the investor has something else to worry about: the frenzy of construction that’s adding to the existing glut in real estate.
When Howard Schultz headlined a Boys’ Club of New York fundraiser on Wednesday, at least one person in the room was receptive to the idea of him running for president: Barry Sternlicht, chief executive officer of Starwood Capital Group Management.
Manufacturing sector has been increasing, although growth is beginning to slow, according to The New York Times. U.S.-China trade talks nearing finish, though unlikely to complete this week, reports the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.
